Did you know there is a global financial crisis going on?

Unlike Prime Minister Stephen Harper, most Canadians have been listening to the repetitive drumbeats of the financial meltdown occurring across the globe. To Prime Minister Harper, and his Conservative candidates eager to run this country, they have given shortshrift to the potential for a recession, and instead are practically Pollyannaish about the effects of such a crisis affecting Canada, sending the message "Don't worry, be happy."

The United States and Britain have announced unprecedented billion-dollar bank bailouts that will, at least temporarily, partially nationalize their banking systems, unprecedented for democratic countries.

Banks in England and Australia have already started to cut interest rates, and the U.S. will soon join them. The Bank of Canada is considering a rate cut by as much as a full percentage point by year end.

Meanwhile, global markets are in free fall, as Canadians watch helplessly as their retirement savings evaporate before their eyes.

Mr. Harper, during his brief visit earlier this week to rally his already adoring Hamilton troops, said Canada is safely wrapped in a bubble against the rippling financial crisis. While the U.S. allowed its debt to balloon, and watched as unregulated financial institutions ran roughshod over the American landscape, Canada did the right thing under the Conservative government.

He advised Hamiltonians not to panic, avoid the "fantasyland" economic proposals from the NDP and Liberals, and to take a wait and see approach by voting in a Conservative government that will provide "prudent leadership" during these uncertain times.

Indeed, during the Hamilton East-Stoney Creek federal candidates debate this week, Conservative candidate Frank Rukavina said Canada was "weathering the storm" and that what is needed is to "keep taxes low."

Mr. Harper says his government foresaw the economic crisis over a year ago and responded to it with $60 billion in tax cuts, lower government debt and "effective" spending.

But as the grim economic news deepens, and Canadians become more nervous about their sinking finances, Mr. Harper's popularity has dipped as fast as the Toronto Stock Exchange.

In response, Mr. Harper has tentatively reached out to Canadians, gently chiding them not to question his authority, and to in essence, "trust" the Conservatives for doing the right thing.

Sorry, but as another prominent conservative politician, Ronald Reagan, once said, "Trust, but verify."

Despite what the Conservative naysayers want their followers to believe, Canada isn't immune from the global financial fallout.

The traditional Conservative beliefs of a tight monetary policy, tax cuts, less government regulation and leaving the free market alone have in fact contributed to the current crisis.

Hamilton is a perfect example of that. For the last three years the city and surrounding region has endured nearly 20,000 manufacturing job losses, while its poverty rate has skyrocketed to about 18 per cent, the highest in Ontario.

A tight credit market by banking institutions will eventually mean less development, less revenue, and less taxes.

The other parties' response to the economic quagmire seem more pro-active, but are still sketchy. The NDP is proposing to create a "jobs commissioner" for the country. A doubtful proposition.

The NDP has stated it will cut corporate and business tax breaks and reinvest the money into the country's infrastructure and job training.

The Liberals are offering a lot of sizzle, but little steak. Under the Liberal's 30-day economic strategy, Stephane Dion will hold a first minister's conference, and protect savings for residents.

Regardless of political parties, Canada needs political leadership that is ready to safeguard the country from a potential economic depression that could make the 1930s seem like a bump on the economic road. Canadians need innovative thinking to tack what is becoming a unique financial morass. What Canadians doesn't need is a do-nothing government.